Petromanas provides further update on Molisht-1 drilling

CALGARY, June 20, 2014 /CNW/ - Petromanas Energy Inc. ("Petromanas" or
the "Company") (TSXV: PMI) today provided a further update on the
drilling of the Molisht-1 well onshore Albania. The well is located on
Blocks 2-3, in which the Company holds a 25% working interest and is
the operator with Shell holding the remaining 75% interest.

As previously announced the Company encountered a carbonate structure at
a depth of approximately 4,174 metres and elected to case and cement
the well, putting approximately 900 metres of unstable flysch shale
behind pipe prior to drilling ahead. The Molisht-1 well penetrated
around 250 metres of Eocene carbonate section, before encountering a
lower flysch shale zone. Based on encouraging logging while drilling
("LWD") results in the upper Eocene carbonate, the Company elected to
run intermediate wireline logs. The bore-hole image analysis revealed
sections within the Eocene containing natural fractures. The
prospective carbonate reservoirs in Albania are the Eocene, Paleocene
and Cretaceous with the Cretaceous being the primary target.

"The initial LWD interpretation is encouraging at this early stage,"
said Mr. Glenn McNamara, CEO of Petromanas. "Our focus now returns to
deepening the well to identify further fracture networks in the
underlying carbonates."

After considering a number of scenarios for the Molisht-1 well, the
Company is electing to drill ahead using the current bore hole. The
Molisht-1 well is currently drilling ahead at a depth of approximately
4,650 metres. Petromanas plans to continue drilling through this
section and now expects to drill the well to an estimated total depth
of up to 6,000 metres. Based on progress made with further drilling,
additional data acquisition and testing is planned to follow reaching
total depth.

About Petromanas Energy Inc.

Petromanas Energy Inc. is an international oil and gas company focused
on the exploration and development of its assets in Albania.
Petromanas, through its wholly-owned subsidiary, holds two Production
Sharing Contracts ("PSCs") with the Albanian government. Under the
terms of the PSCs, Petromanas has a 100% working interest in Blocks D
and E and a 25% working interest in Blocks 2-3 that comprise more than
1.1 million gross acres across Albania's Berati thrust belt. Petromanas
also holds exploration assets in France and Australia. For further
information please contact:

This press release contains forward-looking information within the
meaning of applicable securities laws and is based on the expectations,
estimates and projections of management of Petromanas as of the date of
this news release unless otherwise stated. The use of any of the words
"expect", "anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends" and
similar expressions are intended to identify forward-looking
information. More particularly and without limitation, this press
release contains forward-looking information concerning the future
performance of the Company, including but not limited to the planned
drilling operations of the Molisht-1 well. In respect of the
forward-looking information concerning the future performance of the
Company, Petromanas has provided such in reliance on certain
assumptions that it believes are reasonable at this time, including
assumptions as to the timing and drilling of wells and the Company's
ability to meet its operational commitments, the ability of Petromanas
to receive, in a timely manner, necessary regulatory and governmental
operational approvals; and expectations and assumptions concerning,
among other things: commodity prices and interest and foreign exchange
rates; planned construction activities, capital efficiencies and
cost-savings; applicable tax laws; the sufficiency of budgeted capital
expenditures in carrying out planned activities; and the availability
and cost of labour and services. Accordingly, readers should not place
undue reliance on the forward-looking information contained in this
press release.

Since forward-looking information addresses future events and
conditions, by its very nature it involves inherent risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These
include, but are not limited to the risks associated with the
industries in which Petromanas operates in general such as operational
and exploration risks; delays or changes in plans with respect to
growth projects or capital expenditures; delays in obtaining or the
failure to obtain governmental approvals, permits or financing or
political risks in the completion of development or construction
activities; access to drilling rigs, completion equipment, seismic
equipment and operational personnel; costs and expenses; political
risks; risks of litigation; title disputes; health, safety and
environmental risks; commodity price, interest rate and exchange rate
fluctuations; environmental risks; competition; ability to access
sufficient capital from internal and external sources; and changes in
legislation, including but not limited to tax laws and environmental
regulations. There is a specific risk that the Company may be unable
to complete the drilling, completion and testing of the Molisht-1 well
at costs estimated and in the manner described in this press release or
at all. If the Company is unable to drill, complete and test the
Molisht-1 well at costs estimated and in the manner described in this
press release or at all there could be a material adverse impact on the
Company and on the value of the Company's securities.

Readers are cautioned that the foregoing list of factors is not
exhaustive. Additional information on other factors that could affect
the operations or financial results of Petromanas are included in
reports on file with applicable securities regulatory authorities,
including but not limited to; Petromanas' Annual Information Form for
the year ended December 31, 2013, which may be accessed on Petromanas'
SEDAR profile at www.sedar.com.

The forward-looking information contained in this press release is made
as of the date hereof and Petromanas undertakes no obligation to update
publicly or revise any forward-looking information, whether as a result
of new information, future events or otherwise, unless so required by
applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.